Macquarie Securitisation Limited, the manager of the Puma residential mortgage backed securitisation program, announced it has priced its first public securitisation since July 2008.
The transaction was upsized from $500 to $750m since the announcement last week.
According to a company spokesperson, securitisation is part of the diversified funding strategy of Macquarie Bank Mortgage Solutions.
The $78.7m Class A-1 senior notes, are to be rated Aaa by Moody’s Investors Service and AAA by Fitch Ratings, with a weighted average life of approximately 0.3 years, priced at 60 basis points over swap.
The $360m Class A-2 notes have a weighted average life of 1.8 years and are priced at 100 basis points over swap.
The $247.5m Class A-3 notes have a weighted average life of 6.3 years and are priced at 115 basis points over swap.
Macquarie Bank, Commonweath Bank and Deutsche Bank are the joint lead managers. The issue will settle on 2 September 2010.
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Country Broker on
27 Aug 2010 10:04 AM
I am a simple country broker, but the 60 points over swap surley makes a nonsense of the assertion by some CEO''s of the big four that the cost of funds is going up this 60 points is actually 90 points LOWER than the issue that were made by the Goverment and then some instutions after the GFC !!!!!!!!!!!!! Please explain!!!!!!!!!
Oh iot may be that they were talking about the cost of retail funds which are hardly used to fund home loans !!!!!!!!!!!!